For decades business leaders have been hesitant about sharing their data. However, that skepticism is getting less because research has shown that it is possible to create huge business value by embracing an approach to sharing information.
One of the main benefits is that it enables companies to gain a holistic view of market dynamics, allowing them to better anticipate and capitalize on opportunities while minimizing the risk. By sharing live data with the right partners companies can also streamline their processes and maximize utilization of resources. Consider a supply chain as an example: By aggregating data from all parties involved from marketers to suppliers and manufacturers, companies can get an accurate picture of customer demand. They can then modify pricing, inventory, and other operational parameters.
Sharing relevant business data openly bolsters transparency and fosters an environment of collaboration that’s vital for sustainable growth of businesses. It also helps to ensure an improved standard of data quality, which in turn encourages innovation and gives competitive advantages for both private and structure of nonprofit organizations public organisations. Transport for London, for instance, has opened its data to more than 600 apps, which led to an increase in innovation and saved passengers PS130,000,000 through more accurate timings of journeys.
But overcoming resistance to sharing data isn’t easy and often requires a significant cultural shift. CDOs who are successful shift the narrative from fear of risk, such as exposing sensitive data, to the cost associated with not sharing.